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Melco PBL signs deal with contractor

16 October 2006

HONG KONG – (PRESS RELEASE) -- Melco PBL Entertainment, the joint venture of leading leisure and entertainment conglomerate Melco International Development Limited ("Melco International" or the "Group", HKSE Code: 200) and its exclusive pan-Asia joint venture partner Publishing and Broadcasting Ltd ("PBL"), today announced that it has entered into a Memorandum of Understanding and will shortly be entering into a formal contract to engage The Leighton-China State-John Holland Joint Venture ("Leighton-China State-John Holland") as the main contractor for its flagship resort and entertainment project -- City of Dreams, currently being constructed in Cotai, Macau. In addition, Melco PBL Entertainment also signed a non-binding Heads of Agreement with Hard Rock International ("Hard Rock") for a Hard Rock Hotel and Casino Macau in the City of Dreams while Dragone Entertainment GmbH ("Dragone") has been entrusted with delivering a spectacular world-class permanent show at the City of Dreams.

City of Dreams is a premium integrated urban entertainment resort featuring a variety of luxurious resort accommodations and top-notch facilities. In addition to four hotels, an underwater-themed casino, top- notch restaurants and casual eateries, performance hall and serviced apartments, the project will incorporate extensive water screening and landscaping work including public access to the "Bubble" -- a unique architectural showpiece and the main "wow factor" of the project. The landmark project will be developed by a joint venture comprising Leighton Asia (Northern), China State Construction International Holdings Limited, and John Holland. Leighton Asia (Northern) and John Holland are part of Australia's largest development and contracting group, the Leighton Group, whose key shareholder is HOCHTIEF AG -- the world's largest international contractor.

To ensure that the highest standards of quality are met, Melco PBL Entertainment will retain the rights to vet all subcontractors and suppliers. City of Dreams is expected to take around two years to complete and the first phase including the casino is scheduled to open in the second half of 2008.

Mr. Lawrence Ho, Co-Chairman and CEO of Melco PBL Entertainment said, "Being a fully fledged gaming license holder in Macau, Melco PBL Entertainment always strives to be the best player in each market segment through its unique, premium and innovative entertainment products. For example, Crown Macau (due to be completed in April 2007), will cater specifically for high rollers and VIPs who require a high degree of exclusivity. The City of Dreams will be a comprehensive integrated resort catering for all age groups, including children and families. With solid support from world-class partners such as Hard Rock International, Dragone, and Leighton-China State-John Holland as well as Hyatt International, I am confident that City of Dreams will attract visitors who seek the best in entertainment and leisure."

Mr. Bill Wild, COO of Leighton Holdings said, "City of Dreams will be a significant landmark in Macau, and we are delighted that Melco PBL Entertainment has chosen us to play a key role in its development. All three joint venture partners have a track record for delivering quality projects, and I have no doubt that this will be further demonstrated in this project."

In order to give the best experience to visitors, Melco PBL Entertainment has aligned with Hard Rock International to create a unique 4-star boutique hotel and casino -- to be branded the Hard Rock Hotel and Casino Macau. This boutique hotel and casino will have 350 guestrooms and will feature a 25,000- square-foot "Hard Rock" casino. The casino will be operated by Melco PBL Entertainment under its gaming license. In addition, there will be a Hard Rock Caf??, offering live musical performances and a Hard Rock -- Rock Shop, which retails authentic rock 'n' roll gear and Hard Rock merchandise. The property also includes signature restaurant and bar offerings, a Hard Rock Pool entertainment deck as well as meeting spaces.

In addition to Hard Rock Hotel and Casino Macau, City of Dreams will also feature two deluxe hotels managed by Hyatt International, carrying the brands of Grand Hyatt and Hyatt Regency respectively. Crown Tower Hotel will complete the hotel offerings with a luxurious six star product.

Mr. Hamish Dodds, CEO of Hard Rock said, "We are thrilled to announce plans for the Hard Rock Hotel and Casino in the City of Dreams Resort in Macau, and we are equally enthusiastic about the opportunity to join in partnership with Melco PBL Entertainment." Mr. Dodds added, "Macau is the perfect location for Hard Rock to continue building on its base of world-class hotel and casino properties, and as a gateway to China, this development will facilitate further expansion of the Hard Rock brand in Asia."

Melco PBL Entertainment has teamed up with Dragone to form an exclusive partnership to stage permanent show at the City of Dreams. Being a renowned live entertainment company, Dragone conceives, produces and directs shows on an international scale. A stand-alone performance hall with a seating capacity of around 2000, designed by the renowned Pei Partnerships in New York, will be specially built for staging the Dragone show. This will be the first Asian permanent show to feature Dragone, the product of dreams and imagination. Carrying audiences into a world of wonderment, the production underscores the bright prospects that non-gaming entertainment has in Macau. It is expected that guests will be able to watch a world-class show comparable to those in Las Vegas and other gaming destinations. Dragone has promised that guests will come away awe-struck after watching the show which will commence in early 2009.

"We are deeply honored to be selected to perform at the City of Dreams. Performing in a city that possesses a World Heritage Site, we will certainly be motivated to add to Macau's rich cultural traditions. As well, this important opportunity marks our first step towards entering the Asian market," said Mr. Louis Parenteau, President of Dragone.

In addition to these top-notch partners for our flagship entertainment resort, Melco PBL Entertainment has also gained support and confidence from the financial community and has received conditional commitment from a syndicate of four banks for a project financing facility amounting to approximately US$1.1 billion to finance the City of Dreams project. The facility is lead-arranged by Australia and New Zealand Banking Group Limited, Bank of America Securities Asia Limited, Barclays Capital and Deutsche Bank AG, Hong Kong Branch. A loan of US$500 million has already been provided by the same syndicate in early September 2006 to partially finance the acquisition cost of the subconcession.

Mr. Ho concluded: "Leveraging the financial resources of Melco and PBL together with great support from major banks, Melco PBL Entertainment has established a solid foundation for future development. The backing from first-rate hotel operators and an exceptional entertainment provider will reinforce our reputation as a world-class gaming and entertainment provider. Looking ahead, the scheduled opening of City of Dreams in the second half of 2008 will follow in the footsteps of Crown Macau which is due to open in April 2007. Moreover, having signed a contract to acquire land for our third casino project, Melco PBL Entertainment is well poised to tap into the fast-growing Macau gaming market -- serving tourists from around the world and visitors of all ages."

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